Investorideas.com  big ideas for global investors Search www.investorideas.com
   Member Access       Sign-up       Listings        Stock Directories       Research       Cleantech       Tech Newsletter         Headlines        Video       New Ventures   




3 New Year's Resolutions That Will Enrich Your Retirement

Financial Advisor Shares Steps Everyone Should Take in 2014

Ideas get bigger when you share them...

January 6, 2014 (www.investorideas.com newswire) For many baby boomers looking to retire in the next few years, the biggest worry is not whether or not they can retire, but if they'll outlive their savings.

Join Investor Ideas Members to access the Renewable Energy stocks directory, water stocks, biotech stocks, defense stocks directories and the Insiders Corner

It's a valid concern: One of every four people turning 65 today can expect to live past their 90th birthday, and one in 10 will live past 95, according to the Social Security Administration.

For a married couple, there's a 58 percent chance that one of them will live to 90.

With 10,000 boomers turning 65 every day, according to the Pew Research Center , it's something on the minds of many Americans.

"I went into this business because I hated seeing people who'd followed the rules saved money in a 401k, put their kids through college, gave to charity get to retirement and find they didn't have enough to sustain them for more than a few years," says Andrew McNair, founder and CEO of SWAN Capital, (SWAN-Capital.com), and author of "Don't be Penny Wise & Dollar Foolish."

"It's not enough to have a certain amount of money in your portfolio; you want to have a guaranteed check coming in, in addition to your investments."

Whether you're years from retirement or planning for it now, McNair says these three New Year's resolutions will be the best you ever made:

  • Resolve to plan for expenses in retirement to equal or exceed your expenses today. Many people assume their expenses will decline once they retire they forget that they're going to have a lot more free time to do what they love, McNair says. "What are your dreams? Will you want to travel? Take up a new hobby? Meet friends for golf two or three times a week? Those likely are going to be expenses you don't have now," he says. Also, once you retire, things don't magically last forever. The rug in the dining room, the fridge in the kitchen eventually they'll need to be replaced or repaired. Also, as you age, medical expenses either appear or increase. Sit down and think about what your ideal retirement looks like, and presume that it will be for at least 30 years. Make a list and take a guess at what those activities cost even if your retirement is years away. How much money will you need coming in each month or year?
  • Resolve to get most of your investments out of tax-deferred plans. If you're working for a company that provides a match for 401k contributions, by all means, contribute up to the maximum match. "That's free money you'd be crazy not to take advantage," McNair says. But investments that can be more strategic in terms of taxes should also be considered: Roth IRA, municipal bonds, life insurance or real estate. No one expects taxes will go down they'll be going up. Uncle Sam already has a lien on your IRA or 401(k); don't let his lien, the taxes you'll owe, continue to grow. Go ahead and pay now, and your future retired self will be glad you did.
  • Resolve to have a portfolio that generates a steady or guaranteed paycheck. The ideal financial security for retirement is having a guaranteed income that increases with inflation, McNair says. "I suggest planning for an income that meets or exceeds your annual income now so, for example, if you'll be getting $1,000 a month from Social Security at age 62 and your current income is $4,000 a month, you need to have a plan to guarantee $3,000 a month to cover that gap." Annuities and life insurance are investments that may provide an income you cannot outlive, so consider them for at least part of your portfolio. "You don't want them to make up 100 percent of your portfolio, but they should provide the foundation," McNair says.

It's important to start thinking now about where you want to be in retirement and what combination of investments will ensure you have the lifestyle you want for as long as you live, he says.

"At 65, you don't want to be making risky investments because you're panicking about not having enough money."

About Andrew McNair

Andrew McNair is founder and CEO of SWAN Capital, specializing in Wealth Management and Retirement Income. After earning a degree in business administration/finance, and with two books on his financial strategies already published, McNair launched SWAN later that year. At 22, he was hosting a radio show, What Your Money Would Say, which provides financial guidance to retirees. McNair is also the founder and CEO of the Veteran Benefit Project, which works with veterans and their families at no charge to ensure they receive all of the benefits they're entitled to.

If you would like to run the above article, please feel free to do so. I am able to provide images if you would like some to accompany it. If you're interested in interviewing Andrew McNair or having him write an exclusive article for you, let me know and I'll gladly work out details.

Ginny Grimsley
National Print Campaign Manager
News and Experts
3748 Turman Loop #101
Wesley Chapel , FL 33544
Tel: 727-443-7115, Extension 207
Twitter: @PrintcessGinny
www.newsandexperts.com

More Info:

This news is published on the Investorideas.com Newswire and its syndicated partner network

Publish Your News - Send a release
News now!

Get free news alerts: Sign up here

Published at the Investorideas.com Newswire - Big ideas for Global Investors

Disclaimer/ Disclosure:The Investorideas.com newswire is a third party publisher of news and research as well as creates original content as a news source. Original content created by investorideas is protected by copyright laws other than syndication rights. Investorideas is a news source on Google news and Linkedintoday plus hundreds of syndication partners. Our site does not make recommendations for purchases or sale of stocks or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated by featured companies, news submissions, content marketing and online advertising. Contact each company directly for press release questions. Disclosure is posted on each release if required but otherwise the news was not compensated for and is published for the sole interest of our readers. More disclaimer info: http://www.investorideas.com/About/Disclaimer.asp

BC Residents and Investor Disclaimer : Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: http://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country.



Free News Alerts
Email:  

Read more News





TOP

Investor Ideas © 2000 - 2014 InvestorIdeas.com®, ECON

Free Investor Stock Alerts
Sign up here

login | logout | about us | contact | disclaimer / disclosure |
advertise | company profile directory | partners / links |
job search | privacy policy | trade | services | sitemap |